News and Analysis
The consumer price index (CPI) climbed 0.4% last month, bumping the annual U.S. inflation rate to 5.4% — a 30-year high, according to MarketWatch.com. The core rate, which omits volatile food and energy costs, is growing 4% annually.
Inflation at the wholesale level (final demand index) rose 8.6% in September compared to a year ago.
One alternative inflation gauge, the Cleveland Federal Reserve Bank Median CPI — which has a superior record of forecasting price trends — rose to 3.6% in September compared with the same month a year ago, well above its 2% average between 2012 and 2019. 10/13/2021
This week, the Ohio Department of Education released state report cards to evaluate the performance of school districts and schools statewide. This year, the report cards don’t contain grades or ratings due to the pandemic and its impact on K-12 learning. They do, however, include performance data, and data on literacy, graduation, and other categories. See the report card for your local school. 10/14/2021
Middle-market businesses should prepare for more supply disruptions. That’s one takeaway from the October edition of “The Real Economy” — published monthly by OMA Connections Partner RSM, which this month examines the ripple effect of supply chain disruptions. This as surveys show 85% of Americans are now concerned supply chain problems could lead to shortages of basic items. 10/11/2021
This week, the OMA testified in support of House Bill 292, which would establish the Electric Vehicle Commission and a temporary sales tax exemption for the production of electric vehicle parts. By studying critical issues like workforce needs, production capacity, and industry constraints, the commission would aim to help lawmakers better diagnose EV industry needs and adopt policies that ensure Ohio retains its dominant role in the automotive industry. 10/14/2021
The White House has proclaimed October as Cybersecurity Awareness Month. This comes as it’s predicted that cyberattacks originating in Russia, China, North Korea, and Iran will increase this month. Fortunately, several OMA Connections Partners offer cybersecurity services for manufacturers. These partners include:
Members with cybersecurity questions or concerns are encouraged to contact these OMA-member firms. 10/14/2021
Late last year, longtime OMA President Eric Burkland announced his retirement after leading the association since 1989. Delayed by COVID-19, a ceremony to recognize Eric and his 31 years of service to Ohio manufacturers had finally been planned for last month — only to be cancelled due to the latest surge of the virus.
Despite the lack of a formal retirement event, Eric’s decades of work to protect and grow Ohio manufacturing are being recognized by policymakers and leaders of industry. This video tribute features well wishes and reflections from Gov. Mike DeWine, former Govs. Ted Strickland and Bob Taft, U.S. Sens. Rob Portman and Sherrod Brown, and National Association of Manufacturers (NAM) President and CEO Jay Timmons.
Timmons, an Ohio native who was in Columbus this week for a Creators Wanted event, presented Eric with an American flag that was flown over the U.S. Capitol in his honor, as well as an Ohio-made glass sculpture. Meanwhile, the OMA board has named a conference room at OMA’s Columbus headquarters in honor of Eric. Check out the Burkland Conference Room entrance and plaque.
A belated congratulations to Eric. On behalf of Ohio’s manufacturing community, job well done! 10/7/2021
Jay Timmons (left) of the National Association of Manufacturers this week recognized Eric Burkland for his 31 years of leadership at the OMA. Also pictured is current OMA President Ryan Augsburger.
The Manufacturing and Distribution Industry Update, hosted by OMA Connections Partner GBQ Partners, is set for Nov. 3 at 8:30 a.m. With options to attend in person or virtually, this event will provide key insights and leading practices to help your business navigate taxes, financial reporting, cybersecurity, and much more. Speakers include the OMA’s Rob Brundrett, managing director of public policy services. Additional details here. 10/4/2021
More mid-market businesses are looking to increase capabilities by applying cost-effective technologies where possible. To help make this happen, OMA Connections Partner Plante Moran is offering a complimentary two-day virtual event on Nov. 3 and 4. Choose from a lineup of several one-hour sessions. 10/6/2021
Several announcements were made this week relative to the near-term economy. Among them were the following:
- The U.S. manufacturing sector remains on an extraordinary run that began last year, according to OMA Connections Partner RSM and its U.S. Manufacturing Outlook Index.
- Supply constraints that are suppressing global economic growth could still get worse, keeping inflation elevated longer, according to the world’s top central bankers.
- U.S. consumer confidence hit a seven-month low in September due to the latest COVID-19 surge.
Meanwhile, National Association of Manufacturers Chief Economist Chad Moutray told members of Congress this week that supply chain and logistics issues are likely to extend into at least the first half of 2022. 9/30/2021
Regulatory challenges and legal threats facing manufacturers change at rapid pace — especially during COVID-19. OMA General Counsel Bricker and Eckler will host a free webinar — in rapid-fire format — at noon Oct. 12 to provide valuable information on these topics. Manufacturing owners and executives, HR and risk management professionals, in-house counsel, and engineers will find value in this event. 9/30/2021